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Closely held trusts

Published on 13 Jul 99 by SOUTH AUSTRALIAN DIVISION, THE TAX INSTITUTE

From 4.00pm 13 August 1998 a closely held trust that makes a distribution to another trust, must in many cases identify the beneficiaries who will ultimately be entitled to any taxable or tax-preferred distributions. Where the ultimate beneficiaries are not correctly identified within the specified period a penalty is imposed. The ATO considers the new rules are 'conceptually manageable'. The author is not so sure that the new rules are commercially or practically manageable.

Author profile

Joe LOMBARDO
Joe is a KPMG Tax Partner who has extensive experience advising on debt forgiveness and similar transactions. Joe is a member of the NSW State Council and Education Committee for the Taxation Institute.
Current at 10 September 2004 - Current at 19 November 2004
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This was presented at Taxation of Trusts - The Nightmare Continues .

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Closely held Trusts

Author(s):  Joe LOMBARDO

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Statement of principles - Resettlements

Author(s):  Geoff LLOYD

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